Gasoline price reduction from 3pm

The retail price of each liter of RON 92 gasoline will not be higher than VND15,968 per liter from this afternoon (July 5), a decrease of about VND200 compared to before.

The Ministry of Industry and Trade and the Ministry of Finance have just sent a document to businesses regarding retail price adjustments.Specifically, the retail price of each liter of RON 92 gasoline will be at a maximum of VND15,968 per liter.Along with that, the management agency requested to keep the price of kerosene and diesel stable and increase 260 VND per kg for mazut oil.

Specifically, the selling price of kerosene is no higher than 10,667 VND per liter; diesel is 12,298 VND per liter; and mazut is 9,001 VND per kilogram.

Gasoline prices will be adjusted down from 3pm today. Photo: Ngoc Thanh

The adjustment is due to the downward trend in world oil prices in the past 15-day pricing period (USD 55.756 per barrel for RON 92 gasoline).Similarly, the prices of petroleum products in the past 15-day cycle also decreased, so the management agency decided to adjust the price down by 200 VND per liter of RON 92 gasoline and E5 gasoline.

Before today's gasoline price adjustment, the Ministry of Finance announced the import tax on gasoline. Accordingly, the weighted average import tax to calculate the base price for the gasoline price adjustment period from July 5 is: 15.74% for gasoline, 1.84% for diesel, 0% for kerosene and mazut.

Meanwhile, the weighted average import tax on gasoline in the previous quarter was 18.35% and diesel was 2.32%. Thus, the import tax on gasoline this time decreased by 0.3-3%.

Along with adjusting retail prices, the regulatory agency also decided to reduce the use of the price stabilization fund for gasoline. In which, RON 92 is down to 426 VND per liter (previous period was 639 VND), E5 is down to 467 VND per liter (down 205 VND). Similar figures for oil products also decreased, for example, kerosene decreased from 764 VND per liter to 669 VND per liter...

According to the regulator's calculations, the average world price of finished products in the past 15-day period was nearly 55.76 USD per barrel of RON 92 gasoline; 57.99 USD per barrel of diesel; 58 USD per barrel of kerosene and 248.4 USD per ton of fuel oil.

This figure is equivalent to the base price in this period of adjustment of 16,394 VND per liter of gasoline, 413 VND per liter lower than the previous period. Similarly, the price difference between the two adjustment periods for E5 gasoline is -405 VND per liter, diesel -123 VND per liter, kerosene -95 VND and mazut is 260 VND per kg.

With a reduction of VND15,968 per liter, the current retail price of each liter of RON 92 gasoline is VND432 per liter lower than at the end of 2015.

According to VNE